House Committee on Finance (05/10/2010)

Final
STAFF SUMMARY OF MEETING

HOUSE COMMITTEE ON FINANCE

Date:	05/10/2010	ATTENDANCE

Time:	12:36 PM to 01:20 PM	DelGrosso	X
		Frangas	X
Place:	LSB A	Gerou	X
		Kagan	*
This Meeting was called to order by		Kefalas	X
	Representative Judd	Labuda	X
		Roberts	X
This Report was prepared by		Summers	X
	Ron Kirk	Swalm	X
		Benefield	X
		Judd	X
		X = Present, E = Excused, A = Absent, * = Present after roll call

Bills Addressed:		Action Taken:
SB10-200 SB10-212		Referred to the Committee of the Whole Amended, Referred to the Committee of the Whole

12:36 PM -- Senate Bill 10-200 - Concerning School Construction Bonds

Representative Kefalas, prime sponsor explained that Senate Bill 10-200 amends language in the "Colorado Recovery and Reinvestment Finance Act of 2009" (HB09-1346) to reflect the recent changes to a type of bonding instrument in the federal "American Recovery and Reinvestment Act of 2009" (ARRA). The bill does not authorize new borrowing by public entities in Colorado, but it makes changes to enable the use of the federal bonding instruments.

The following person testified:

12:41 PM -- Ms. Mary Wickersham, representing the Office of the State Treasurer, noted that this bill responds to federal legislation that facilitates the sale of tax free bonds for school district projects. Ms. Wickersham noted that federal changes have made it difficult to sell tax free bonds. This bill makes these bonds more useful for their intended purposes, she said.

The committee discussed the private bond markets. Ms. Wickersham closed by saying that the bill will save the state about $68 million in interest expenses, depending upon the bond markets.


BILL:	SB10-200
TIME:	01:09:24 PM
MOVED:	Kefalas
MOTION:	Refer Senate Bill 10-200 to the Committee of the Whole. The motion passed on a 6-5 vote.
SECONDED:	Benefield
		VOTE
	DelGrosso	No
	Frangas	Yes
	Gerou	No
	Kagan	Yes
	Kefalas	Yes
	Labuda	Yes
	Roberts	No
	Summers	No
	Swalm	No
	Benefield	Yes
	Judd	Yes

Final YES: 6 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS

01:14 PM -- Senate Bill 10-212 - Concerning TABOR Refund Mechanisms

Representative Weissmann, prime sponsor, explained that Senate Bill 10-212 repeals 11 of the 14 existing TABOR surplus refund mechanisms. For any year in which a refund of TABOR surplus revenue is required, the remaining refund mechanisms in statute would be the six-tier sales tax refund, the earned income tax credit, and the temporary income tax rate reduction from 4.63 percent to 4.50 percent.

The following person testified:

01:15 PM -- Ms. Christine Watson, representing the League of Woman Voters, testified in support of the bill.


BILL:	SB10-212
TIME:	01:17:33 PM
MOVED:	Benefield
MOTION:	Moved amendment L.004 (Attachment A). The motion passed without objection by those members present.
SECONDED:	Labuda
		VOTE
	DelGrosso
	Frangas
	Gerou
	Kagan
	Kefalas
	Labuda
	Roberts
	Summers
	Swalm
	Benefield
	Judd

Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	SB10-212
TIME:	01:18:56 PM
MOVED:	Benefield
MOTION:	Refer Senate Bill 10-212, as amended, to the Committee of the Whole. The motion passed on a 11-0 vote.
SECONDED:	DelGrosso
		VOTE
	DelGrosso	Yes
	Frangas	Yes
	Gerou	Yes
	Kagan	Yes
	Kefalas	Yes
	Labuda	Yes
	Roberts	Yes
	Summers	Yes
	Swalm	Yes
	Benefield	Yes
	Judd	Yes

Final YES: 11 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS

01:20 PM

Adjourn.